Did you mount the props the right way (numbers up) and are all four motor rotating in the correct direction?
Yes and no.
Balance makes it fly better (much better if it's badly out of balance), but I've seen airframes with horrible balance points with a stable flight.
Josh's Flying Cast was a great example -- the way the cast formed around the frame, the battery only had room aft of CG -- put the balance point half way between the ideal and the rear motors. It flew and held attitude well, was a little squishy in maneuvering but would washout bad in turns. Put the toy raccoon in the hand . . . and flew like a dream. Rock solid in every way:
View attachment 59976
The hole doesn't have to be the balancing point. Depending on your setup it can move, but usually only front to back because most copters are symmetric.
Is it possible that the gyros have not been calibrated on a level surface? The flight controller might think it's not level when you put it on the ground.
I need a cheep ESC preferably under $150 any suggestions?
Those are things that go way beyond the "beginners guide", but here you go:
Oneshot125 is a faster communication protocol between flight controller and the ESCs. It allows the FC to send control commands to the ESCs faster, which results in a better performance of the multirotor since it can react quicker to changes.
PIDs is a chapter on its own. Others can explain that a lot better than I can http://blog.oscarliang.net/understanding-pid-for-quadcopter-rc-flight/
For telemetry you need a transmitter / receiver combination with that feature and usually different sensors for all values you want to transfer. There are also on screen displays that write telemetry data into the video signal that is transferred to your goggles/monitor.